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Business Philosophyes What Is a Business Philosophy - A business philosophy is a set of guiding principles that a business strives towards to reach its ultimate goal. It encompasses the business’s values, grounding it through ups and downs. It should align with the brand’s personality, mission, and vision. It underscores the actions, decisions, and culture within the business. You want to make your business philosophy motivational, action-oriented, and applicable across all company activities and departments. To help develop your philosophy, build two foundational pieces of the company mindset—mission statement and vision statement—and work your philosophy from there.
AT&T — Creating Connection - The largest communications company in the world bundled their many telecommunications services—cellular and web connectivity, entertainment, and premium content, for example—into a larger, crystallizing concept that we can all understand and relate to: connection.
- It’s easy to write off some services as strictly utilitarian, but strong leaders are able to reframe a company and its services into something bigger, more human, and more meaningful. Everything AT&T does should, theoretically, tie back to connecting people with each other, helping them thrive, and helping them connect with stories and experiences that matter. This unifying vision can completely alter the mood and culture of the workplace when employees are inspired to accomplish something so powerful for humankind, and the philosophy guides that.
Google — 10 Things We Know to Be True - Focus on the user and all else will follow.
- It’s best to do one thing really, really well.
- Fast is better than slow.
- Democracy on the web works.
- You don’t need to be at your desk to need an answer.
- You can make money without doing evil.
- There’s always more information out there.
- The need for information crosses all borders.
- You can be serious without a suit.
- Great just isn’t good enough.
- There are a lot of components to dissect in Google’s “10 Things” philosophy. But the thrust of the entire bit is making room for employees to explore, experiment, and succeed. It’s a very human-centric company with an employee-focused culture, trailblazing a creative, innovative, and play-focused work environment. It was ranked #1 for best global workplace culture by Comparably in April 2021.
Chevron — Putting People First - Also known as “The Chevron Way,” the putting people first philosophy is one you’ll see repeated throughout this list. It took a long time for companies to catch on that employees and customers should be the heart of the business, and this adaptation has proved beneficial for many large, otherwise disconnected companies. Since 1906, Chevron’s parent companies like Standard Oil Company have enacted the The Chevron Way philosophy by putting people first in charity, in operations, and in customer service.
“Chevron has always put people at the center of the energy conversation. Because we understand that the well-being of people everywhere depends on energy. Energy that is affordable, reliable and ever-cleaner.”
Verizon — Total Accountability - Sweet and simple can work, and Verizon sets aside its products and service offerings in favor of emphasizing the philosophy behind delivering those products and services: total accountability. If every company stuck to this philosophy, it certainly wouldn’t be all bad. Regardless of the product or service in question, Verizon sticks to the customer-centered philosophy of customer satisfaction at any cost.
FedEx — People-Service-Profit - Having invented a catchy and memorable acronym for its business philosophy, FedEx’s operations are balanced on a trifecta of People, Service, and Profit. Interestingly enough, the three items in the balance are interrelated and not independent of one another. In fact, FedEx’s philosophy is that by fostering an exemplary working environment, employees will deliver a superior service, which will then result in comfortable profit for the organization. Instead of focusing on money first, FedEx purports to prioritize employee satisfaction, assuming the rest will come. So far, this philosophy appears to be working.
“The People-Service-Profit philosophy (P-S-P) is based on the belief that by creating a positive working environment for employees, they will provide better service quality to customers, which would then lead to customers using FedEx products and services.”
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